Dollar General vs Five Below: Revenue, Profit and Business Model
Dollar General reported $42.7B of revenue in FY2025 and $1.5B of net income. Five Below reported $4.8B of revenue in FY2025 and $358.6M of net income.
Latest financial snapshot
Dollar General
- Latest revenue
- $42.7B (FY2025)
- Net income
- $1.5B
- Net margin
- 3.5%
- Revenue growth
- +4.1% a year, FY2022–FY2025
Five Below
- Latest revenue
- $4.8B (FY2025)
- Net income
- $358.6M
- Net margin
- 7.5%
- Revenue growth
- +18.9% a year, FY2016–FY2025
Financial summary
Dollar General
Dollar General's FY2025 (ended January 30, 2026) showed a clear recovery. Net sales rose 5.2% to $42.7 billion, same-store sales grew 3.0%, and net income climbed to $1.51 billion after a weak FY2024 hurt by shrink, markdowns and $232 million of fourth-quarter impairment charges. Operating cash flow reached $3.6 billion, which funded $1.7 billion of senior note redemptions. The momentum continued in Q2 FY2026 (ended July 31, 2026): net sales grew 5.2% to $11.3 billion, same-store sales rose 3.5% on a 2.0% traffic gain, operating profit jumped 29.2% to $769.2 million and diluted EPS rose 33.3% to $2.48, including about $0.25 from tariff refunds. Management raised FY2026 guidance to 4.0%-4.3% net sales growth and diluted EPS of $7.80-$8.00, with up to $700 million of share buybacks and a $0.59 quarterly dividend.
Five Below
Five Below grew net sales from $1.0 billion in fiscal 2016 to $4.76 billion in fiscal 2025. Fiscal 2024 was a reset year: sales rose 8.9% to $3.88 billion but net income fell to $253.6 million amid weak comparable sales, shrink pressure, and a CEO change. Fiscal 2025 rebounded, with sales up 22.9% and net income up 41% to $358.6 million. Momentum continued in fiscal 2026: first-half sales rose 27.5% to $2.55 billion on 18.3% comparable sales growth. Q2 GAAP net income of $221.4 million was inflated by a tariff refund; adjusted net income was $93.4 million.
Revenue and profit by year
Dollar General
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $42.7B | $1.5B | 3.5% | +5.2% | Source |
| FY2024 | $40.6B | — | 0.0% | +5.0% | Source |
| FY2023 | $38.7B | — | 0.0% | +2.2% | Source |
| FY2022 | $37.8B | — | 0.0% | — | Source |
Five Below
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.8B | $358.6M | 7.5% | +22.9% | Source |
| FY2024 | $3.9B | $253.6M | 6.5% | +8.9% | Source |
| FY2023 | $3.6B | $301.1M | 8.5% | +15.7% | Source |
| FY2022 | $3.1B | $261.5M | 8.5% | +8.0% | Source |
| FY2021 | $2.8B | $278.8M | 9.8% | +45.2% | Source |
| FY2020 | $2B | $123.4M | 6.3% | +6.2% | Source |
| FY2019 | $1.8B | $175.1M | 9.5% | +18.4% | Source |
| FY2018 | $1.6B | $149.6M | 9.6% | +22.0% | Source |
| FY2017 | $1.3B | $102.5M | 8.0% | +27.8% | Source |
| FY2016 | $1B | $71.8M | 7.2% | — | Source |
Where the revenue comes from
Dollar General
- Consumables~82%
Food, snacks, beverages, paper and cleaning products, health and beauty, pet supplies and tobacco. Consumables generated $18.16 billion of the $22.08 billion in net sales during the first half of fiscal 2026 and drive frequent trips.
- Seasonal~10%
Holiday items, toys, batteries, small electronics, greeting cards, lawn and garden goods. Seasonal sales grew 6.7% to $2.27 billion in the first half of fiscal 2026.
- Home products~5%
Kitchen supplies, small appliances, bedding, home decor and storage. Home products sales were $1.06 billion in the first half of fiscal 2026.
- Apparel~3%
Basic clothing, socks, underwear and shoes. Apparel sales rose 5.6% to $590 million in the first half of fiscal 2026.
Five Below
- Company-Operated Store Sales
Primary stream
Most revenue comes from merchandise sold in Five Below stores across high-traffic shopping centers.
- E-Commerce and Pickup
Small but strategic stream
Digital sales through the website and app, including home delivery and buy-online-pick-up-in-store.
- On-Demand Delivery Partners
Small support stream
Third-party delivery availability extends convenience for selected local purchases.
Business model and strategy
Dollar General
How it makes money
Dollar General earns nearly all of its revenue from in-store retail sales. Its model rests on three choices: small leased stores (typically around 7,500 square feet of selling space) that cost far less to build and run than a supercenter; a narrow assortment of fast-turning consumables, which made up about 82% of first-half FY2026 sales;
Growth strategy
Rather than chase store count, Dollar General now spends most of its real estate budget on existing stores. Its FY2026 plan calls for about 4,730 real estate projects: roughly 450 new U.S. stores, 10 new stores in Mexico, 2,000 full remodels under Project Renovate, 2,250 lighter refreshes under Project Elevate and 20 relocations.
Competitive advantage
Dollar General's edge is proximity at low cost. Its stores sit close to a large share of the U.S. population, often in towns where the nearest supercenter is a long drive away, so a shopper can save time and fuel by buying basics nearby. Small leased boxes keep occupancy and build costs low, a dense distribution network and private fleet support frequent deliveries, and private brands lift margins.
Five Below
How it makes money
Five Below makes money by selling low-priced merchandise through company-operated stores, which it leases in power, strip, and community shopping centers. Most items cost $5 or less; the Five Beyond section adds selected items above $5. The model depends on fast-turning, trend-driven assortments (licensed products, candy, toys, beauty, tech accessories) that create impulse purchases and repeat trips.
Growth strategy
Growth rests on three levers: opening about 150 net new stores a year toward a long-term U.S. potential of more than 3,500 stores; lifting comparable sales through curated product stories, simpler pricing, and more social and digital marketing; and improving margins through sourcing and cost leverage.
Competitive advantage
Five Below's edge is a clearly defined customer (Gen Alpha, Gen Z, and their parents) and a store built for low-risk discovery. A low ticket lets kids shop on their own budget, while frequent product newness and licensed trends give shoppers a reason to return. Its compact, standardized box can be opened quickly across many markets, which supports a long runway of new stores.
Questions about Dollar General vs Five Below
Which company has higher revenue — Dollar General Corporation or Five Below, Inc.?
Dollar General Corporation reported $42.7B (FY2025), while Five Below, Inc. reported $4.8B (FY2025). By last reported revenue, Dollar General Corporation is the larger business, with Five Below, Inc. reporting a smaller revenue base.
What is the market cap of Dollar General Corporation vs Five Below, Inc.?
Dollar General Corporation's market capitalisation stands at $27.0B, while Five Below, Inc.'s is $13.0B. Dollar General Corporation carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Five Below, Inc..
Which is more financially efficient — Dollar General Corporation or Five Below, Inc.?
Dollar General Corporation generates $220k / employee in revenue per employee, while Five Below, Inc. generates $194k / employee. Dollar General Corporation shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Dollar General Corporation and Five Below, Inc. make money?
Dollar General Corporation and Five Below, Inc. generate revenue in fundamentally different ways. Dollar General Corporation: Dollar General earns nearly all of its revenue from in-store retail sales. Five Below, Inc.: Five Below makes money by selling low-priced merchandise through company-operated stores, which it leases in power, strip, and community shopping centers.
Which company is valued higher relative to revenue — Dollar General Corporation or Five Below, Inc.?
On a price-to-sales (P/S) basis, Dollar General Corporation trades at 0.6x P/S and Five Below, Inc. at 2.7x P/S. Five Below, Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dollar General Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Dollar General Corporation bigger than Five Below, Inc.?
By last reported revenue, Dollar General Corporation ($42.7B (FY2025)) is the larger company compared to Five Below, Inc. ($4.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Dollar General vs Five Below overview